After the bloodiest fighting of the three-week-old conflict between Libyan rebels and forces loyal to Muammar Qaddafi, the United Nations has demanded urgent access to scores of injured and dying in the western city of Misrata.
Libyan rebels ceded ground to Colonel Qaddafi's advancing forces today as the United States came under increasing pressure to arm the opposition and the UN appointed a humanitarian envoy.
World oil prices rose again, while the head of Nato, Anders Fogh Rasmussen said attacks on civilians by Qaddafi's troops could amount to crimes against humanity.
The rebels began pulling back from the key oil port of Ras Lanuf as fighter jets targeted defences on the edge of town, throwing up palls of smoke amid fears that government forces were gearing for an attack.
A doctor in Misrata said 21 people, including a child, had been killed in shelling and clashes there on Sunday, and 91 people wounded.
"The overwhelming majority of them are civilians, including a boy aged two and a half," he said of the casualties in Libya's third city, which had been shelled by tanks belonging to Colonel Qaddafi's forces.
At a news conference at Nato headquarters, Mr Rasmussen said: "These widespread and systematic attacks against the civilian population may amount to crimes against humanity,".
He said the "outrageous" response of Colonel Qaddafi's regime to protests had created "a human crisis on our doorstep which concerns us all" and reiterated his strongest condemnation.
"I can't imagine the international community and the UN standing idly by if Colonel Qaddafi and his regime continue to attack his own people systematically," Mr Rasmussen said.
The UN secretary general, Ban Ki-moon, named the former Jordanian foreign minister Abdul Ilah Khatib as his special envoy to deal with the regime on the humanitarian front.
Mr Ban's office said he noted that "civilians are bearing the brunt of the violence, and calls for an immediate halt to the government's disproportionate use of force and indiscriminate attacks on civilian targets".
Mr Khatib, 56, will leave for New York "in the next few days before travelling to Libya, where he should meet with all parties involved in the conflict," an associate of the former minister told AFP in Amman.
The UN called today for US$160 million (Dh588m) to cover relief support including shelter, food and sanitation for refugees as well as others who remain trapped in the country.
With the military situation worsening and population centres threatened, influential US politicians argued strongly for Washington to arm the rebels and secure a no-fly zone over Libya to thwart Colonel Qaddafi's air force.
The New York Times reported that US defence planners are preparing a range of land, sea and air military options in Libya in case Washington and its allies decide to intervene, including air-drops of weapons to rebels.
France meanwhile announced that a no-fly zone had won support from the Arab League, after talks between the League secretary general, Amr Mussa, and the French foreign minister, Alain Juppe, in Cairo.
Colonel Qaddafi has not hesitated to use his air power against rebel positions, and reports that his jets bombed protesters in Benghazi in the early days of the revolt are among alleged atrocities being investigated by war crimes prosecutors from the International Criminal Court.
The odd crackle of gunfire sounded early Monday across the eerily deserted streets of Ras Lanuf after vehicles loaded with armed rebels were seen speeding out of the town.
The rebels had been forced to withdraw from Bin Jawad, 30 kilometres west along the coast from Ras Lanuf, where at least 12 people were killed and more than 50 wounded when pro-Qaddafi troops ambushed outgunned and inexperienced rebel forces, medics said.
Ras Lanuf's sole hospital was empty Monday after the wounded were moved to Ajdabiya, further east in rebel territory.
The remaining rebel presence appeared very thin, with only about a dozen fighters manning the main checkpoint into the town.
World oil prices shot higher today, striking two and a half year highs on the turmoil in the Middle East.
Colonel Qaddafi, in an interview aired today by France24 television, repeated his accusation that al Qa'eda was fomenting the revolt against his regime and railed against France.
When asked about Paris's backing for the national council, the embryonic provisional government formed by rebels in the second city of Benghazi, Colonel Qaddafi said: "It makes one laugh, this interference in internal affairs. And what if we interfered in the affairs of Corsica or Sardinia?"
Italy's foreign minister, Franco Frattini, said Rome has begun discreet talks with the rebel "national council" to help find a way out of the bloodshed.
"We have better contacts than others" in Libya, which is an ex-Italian colony, Mr Frattini told RAI 1 television.
Britain was forced to admit its own, secret, attempt to begin negotiations with the rebels had ended ignominiously after opposition forces arrested a diplomat and a protection squad inserted clandestinely by helicopter.
In Benghazi, a rebel spokesman said the British team that landed nearby had not made prior arrangements, and was sent away.
An embarrassing mix-up in the international effort to evacuate tens of thousands of refugees saw a French ship leave empty from the Tunisian port of Zarzis after US planes appeared to have taken their human cargo.
The hi-tech helicopter carrier Mistral arrived after steaming from Toulon with 28 doctors aboard. It was supposed to take 900 Egyptians to Alexandria, but found most of them had already been airlifted to Cairo by US planes on Sunday.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Book%20Details
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Company%20Profile
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Company%20profile
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SCORES
Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)
COMPANY%20PROFILE
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Army of the Dead
Director: Zack Snyder
Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera
Three stars
AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
PAKISTAN SQUAD
Pakistan - Sarfraz Ahmed (captain), Azhar Ali, Fakhar Zaman, Imam-ul-Haq, Babar Azam, Shoaib Malik, Mohammad Hafeez, Haris Sohail, Faheem Ashraf, Shadab Khan, Mohammad Nawaz, Mohammad Amir, Hasan Ali, Aamer Yamin, Rumman Raees.
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
Dunki
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rajkumar%20Hirani%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Taapsee%20Pannu%2C%20Vikram%20Kochhar%20and%20Anil%20Grover%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
The specs: 2019 GMC Yukon Denali
Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm
Fuel economy, combined: 12.9L / 100km